FRIDAY, JULY 3, 2015 (PAGE 16) DAILY EXCELSIOR, JAMMU...

FRIDAY, JULY 3, 2015 (PAGE 16) DAILY EXCELSIOR, JAMMU

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NEW DELHI, July 2:

The black money law thatprovides for stringent penaltiesand jail term for failing to dis-close overseas income has beenoperationalised from July 1 thisyear, instead of April 2016, theFinance Ministry said.

The Black Money(Undisclosed Foreign Incomeand Assets) and Imposition ofTax Act, 2015, as passed byParliament, was to come intoeffect from April 1, 2016, afterproviding for a short ‘compliancewindow’ to foreign asset holdersto come clean.

When asked whether theblack money law has come into

force, a top revenue departmentofficial confirmed. “Yes, witheffect from July 1”.

The changes were beingmade to remove the difficultieswith regard to dates for imple-mentation of the provisions of thenew black money law, a FinanceMinistry Order said.

In the order, the Ministrysaid, the provisions of the Actwere intended for application inthe Assessment Year 2016-17.But for this to happen the Act hasto come into effect from currentfiscal and the necessary changehave now been made as per thepowers given by the law passedby Parliament in May this year.

The Order came along side

the notification of a 90-day com-pliance window lasting tillSeptember 30 for holders ofunaccounted foreign income andassets to declare them. Afterdeclaring assets they will havetime till December 31 to pay non-punitive tax and penalty of 30 percent each to escape stringent pun-ishment including jail term.

The Finance Ministry Ordersaid “for the words, figures andletters ‘the 1st day of April,2016,’ the words, figures and let-ters ‘the 1st day of July 2015’shall be substituted (in Section 1(3) of the Act)”. (PTI)

Black money law comes into force from July 1